Building Societies and the realities of digital transformation
Building Societies are changing fast. Members expect digital services that work as smoothly as a high-street bank’s app, yet they still want the warmth and trust that mutuals are known for. At the same time, building societies’ costs are rising, systems are ageing, and new regulations keep coming. Leaders know they need to modernise, but […]
Why ‘simple’ redress schemes require strategic planning
In this third excerpt from our recent webinar on the FCA’s new motor finance redress scheme TCC Group’s subject matter experts, Garry Evans and Mike Morris explore why early preparation is critical. They break down how firms can approach remediation strategically, covering everything from operational design and portfolio assessment to governance and building internal capability. […]
Turning motor finance compliance into an opportunity
A turning point in motor finance regulation In this second excerpt from our recent webinar on the FCA’s new motor finance redress scheme, Garry Evans and Mike Morris break down what firms need to do now to prepare effectively. In this segment, they focus on the case for early preparation, exploring practical steps from portfolio […]
Understanding the FCA changes impacting motor finance firms
A turning point in motor finance regulation The FCA’s motor finance redress consultation is a pivotal development for firms operating in the sector. Unlike previous announcements, this consultation sets out clear expectations on how businesses should identify affected customers, calculate redress and manage remediation efficiently. Getting to grips with these updates is crucial not only […]
What the FCA’s new motor finance redress scheme means for you
The FCA’s long-awaited consultation on the motor finance redress scheme, published on the 7th October, marks one of the most significant regulatory developments for the sector in recent years. After months of anticipation, firms now have greater clarity on the scope, methodology and expectations that will shape the industry’s response. To explore the practical implications, […]
14m unfair motor loans due compensation under FCA-proposed scheme
The FCA releases its update on the motor finance redress scheme, marking one of the most significant shifts in the motor finance landscape in years. The FCA wants to set up an industry-wide compensation redress scheme to reimburse motor finance customers who were treated unfairly from 6 April 2007 to 1 November 2024. The scheme […]
Navigating the FCA’s Pause on Motor Finance Complaints With the Right Talent
In a recent announcement, the Financial Conduct Authority (FCA) introduced a pivotal pause in the 8-week deadline for motor finance firms to address complaints involving discretionary commission. This strategic move is designed to afford firms the necessary time to comprehensively review and respond to complaints in a consistent and efficient manner. At the heart of […]
Annual Complaints Data 2023/24: Key Trends and Insights
The latest Annual Complaints Data from the Financial Ombudsman Service for 2023/24 provides a view into the evolving landscape of consumer grievances within the financial sector. This year, we’ve witnessed a significant rise in complaints, particularly concerning banking and payments, signalling emerging areas of concern and providing a roadmap for improvements. Here’s a closer look […]
Insight on the Proposed Extension of the Complaint Handling Pause for Motor Finance DCAs
The FCA is proposing to extend the current pause on the 8-week deadline for firms to respond to consumer complaints about motor finance involving discretionary commission arrangements (DCAs) until at least December 4, 2025. This decision follows an ongoing review of the historical use of DCAs in the motor finance sector and recent legal developments. […]
Insight on Extending Rules for DCA Complaints in the Motor Finance Industry
The Financial Conduct Authority (FCA) is consulting on extending the temporary complaint handling rules for discretionary commission arrangement (DCA) complaints within the motor finance industry. This extension is necessary due to delays in collecting and reviewing data and the ongoing litigation that affects the sector. The FCA had initially planned to set out the next […]